Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Aditya Birla Sun Life Insurance Company Limited
Current Savings
30%Current Expenses
30%Want to talk to a Retirement Planning Expert?
Answer a few questions to find out how much you know about Retirement Plans
Fact: Choosing when to retire is a personal decision based on your financial situation, health, and desired lifestyle.
Fact: Choosing when to retire is a personal decision based on your financial situation, health, and desired lifestyle.
Score
Craft a personalized plan
Start early & save consistently
Develop a budgeting habit
Prepare for contingencies
Prepare for increased medical expenses after retirement
Review and refine
Rely solely on the 30X rule
Procrastinate or delay saving
Ignore inflation
Tap into retirement savings early
Underestimate your lifespan
Neglect debt management
An annuity plan safeguards your post-retirement life by providing guaranteed* regular payments during your retirement years.
Earn guaranteed* annuity for life
Invest now, get annuity when you need it
Increase annuity payment with top-up option
A pension accumulation plan helps you invest your savings in a systematic manner to accumulate a retirement fund.
Build guaranteed* retirement savings
Choose a flexible payment plan
Defer payout to match your goals
Mapping your financial future with strategic retirement planning.
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You need to know exactly what you want to achieve and when you want it.
Your goals need to be based on resources and tasks that you can reasonably accomplish.
A goal should be measurable so that you know when you will achieve it.
Time-bound Goals with timelines allow you to track your progress and encourage you to keep going until you reach your goal.
Your goal should be within reasonable reach. Realistic
Evaluate your future expenses, lifestyle goals, and financial needs to determine the right retirement plan.
Compare different plans available, such as annuity plans, pension plans, and savings plans, to find one that suits your requirements.
Seek advice from certified financial planners to get personalized recommendations and insights on the best retirement plans for you.
Look at the details of each plan, including payout options, flexibility, insurance coverage, and additional benefits to make an informed decision.
Follow the steps to apply for your chosen retirement plan, including submitting necessary documents, selecting payment terms, and setting up your account.
The ARQ is a metric to assess how self-reliant you are in terms of your retirement planning. It considers your current savings, expected living expenses, and other factors to give you a percentage score.
The Atmanirbhar % is calculated based on your current age, retirement age, current living expenses, current savings, and an assumed inflation rate. The formula adjusts your living expenses for inflation until retirement and then estimates the total amount needed for your retirement years.
If your ARQ is less than 50%, it indicates that your current savings and plans are significantly insufficient for a self-reliant retirement. It’s a wake-up call to start saving and planning more aggressively.
An ARQ between 50% and 70% means you are on the right track but still have a way to go. You should continue to boost your savings and perhaps reassess your financial strategies to ensure a comfortable retirement.
The 30X Rule is a simple thumb rule to estimate your retirement corpus based on your annual expenses multiplied by 30. While it provides a ballpark figure, it doesn't account for factors like inflation, lifestyle changes, and life expectancy. It’s a starting point, but more detailed planning is necessary.
ABSLI Guaranteed Annuity Plus Plan [UIN: 109N132V10] is a Non-Linked, Non- Participating, General Annuity Plan
ABSLI Nishchit Pension Plan is a [UIN: 109N151V02] is a Non-Linked Non- Participating Individual Pension Plan
*Provided all due premiums are paid.
This retirement preparedness calculator is a simplified tool designed to provide general estimates based on the inputs and assumptions provided. It is important to note that actual retirement needs can vary widely based on individual circumstances, market conditions, and other factors.
The results should not be considered financial advice, and users are encouraged to consult with a certified financial planner to develop a comprehensive and personalized retirement strategy. Inflation rates, investment returns, and life expectancy are assumed to be constant in this calculation, which may not reflect future realities.
Regularly reviewing and updating your retirement plan is crucial for ensuring accuracy and adequacy of your savings.
Source
Simplified adaptation by Beshak.org from credible financial calculators like investopedia, books like The Bogleheads' Guide to Retirement Planning.
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